Blockchain based Circular System for Assessing Rare Earth Sustainability

Country / jurisdiction: European Union · Year: 2021 · Status: In force · Level: International · Type: Voluntary

The European Union partnered with the European Institute of Innovation and Technology RawMaterials Community to fund a three-year scheme for the development a sustainability tracking tool for critical minerals, focusing on rare earths and magnets. Called CSyARES (Circular System for Assessing Rare Earth Sustainability), it aims to help companies improve the transparency and sustainability of the critical mineral supply chain and ensure that supply is not linked to poor environmental, social, and governance standards.

The blockchain software will monitor and track the supply of critical minerals and certify the sustainability of mining products needed for the energy transition. The software will integrate the global Rare Earth Industry Association (REIA) sustainable performance standards and mining company Minviro’s Life Cycle Assessment tool to trace and measure the environmental impact of these supply chains.

Official source: https://eitrawmaterials.eu/eit-rawmaterials-funded-project-to-develop-a-blockchain-based-circular-system-for-assessing-rare-earth-sustainability/#:~:text=Known%20as%20CSyARES%20(Circular%20System,of%20raw%20materials%20is%20not